Impact of Industrial Capitalism in the Late 19th Century

During the late 19th century, the rise of industrial capitalism transformed the American economy and society. This period saw the emergence of large corporations, the growth of the labor movement, and significant technological advancements. One of the major figures in this transformation was Andrew Carnegie, who advocated for the principles of vertical integration in his steel manufacturing process.

Consider the implications of Carnegie's business strategies on the broader economic landscape of the United States. Which of the following statements best reflects the impact of industrial capitalism on American society during this period?